China sets up $28 billion PPP fund

BEIJING — The Ministry of Finance (MOF) on Sept 30 announced a fund worth 180 billion yuan ($28.3 billion) that would support public-private-partnership (PPP) projects.

The fund was created together with 10 Chinese financial institutions including the China Construction Bank, the Agricultural Bank of China, the Bank of China, the Bank of Communications, CITIC Group, and China Life Insurance (Group) Co.

The fund will be mainly used to support public service projects, the MOF said.

The MOF said the fund was outlined in a guideline on PPP programs released in May by the State Council, China’s cabinet.

On Sept 30, the MOF also unveiled 206 PPP projects worth 659 billion yuan, including a new expressway in Beijing.